V. S. Aggarwal, J.

1. By this common judgment both Criminal Misc. No.310-M of 1996 and Criminal Misc. No.307-M of 1996 can conveniently be disposed of together. The facts in both the criminal miscellaneous petitions basically are identical. Therefore, it would be sufficient if the basic facts in Criminal Misc. No.310-M of 1996 are stated.

2. Bhushan Steels and Strips Ltd. , Chandigarh had filed a criminal complaint against the petitioners with respect to the offence punishable under sec. 138 of the Negotiable Instruments Act, 1881 (hereinafter described as the Act) read with Banking Public Financial Institution and Negotiable Instruments Laws (Amendment) Act, 1988 besides Sec.420 Indian Penal Code.

3. It was alleged that Vijay Dalmia is the Director of M/s. Mahaplasto Ltd. , Calcutta. He had for valuable consideration and for clearing the outstanding payment due to M/s. Bhushan Matallics Ltd. , a sister concern of M/s. Bhushan Steels and Strips Ltd. agreed vide letter of 17-7-1995 and had issued certain post-dated cheques. They were drawn at Allahabad Bank, Calcutta in favour of M/s. Bhushan Steels and Strips Ltd. The total amount of the cheques was Rs.11,87,174/-. It was w